Kiri Dyes & Chemicals Ltd acquires Dystar Group from its Insolvency Administrators

Germany │ India

Ahmedabad-based Kiri Dyes and Chemicals Ltd – through its SPV, Kiri Holding Singapore Private Limited – has acquired the German DyStar Group (Dystar) from the Insolvency Administrators of Dystar’s estate via an asset purchase agreement.
 
Kiri Dyes is a listed Indian company engaged mainly in the manufacture of reactive dyes, which are used primarily in cotton fabrics. The company also manufactures and markets dye intermediates and basic chemicals for the dyestuff industry.

DyStar is a global market leader for dyes, dyes solutions, leather, performance chemicals, new technologies and custom manufacturing of specialty dyes and pigments. It provides high-quality products and services across the entire value chain in various sectors such as apparel, hosiery, automotive, carpets and industrial fabrics. In September 2009, Dystar filed for insolvency with the Frankfurt courts, and Insolvency Administrators were appointed to manage the estate of Dystar.
 
M&A International Inc.’s Indian and German members, SBI Capital Markets Ltd and Angermann M&A International GmbH, advised Kiri Dyes throughout the buy-out process, from coordination of the due diligence process and negotiations with the Insolvency Administrators over the estate of Dystar (appointed by the German courts) through to the successful closing of the transaction.